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SBI's Interest Rates: Savings Bank Accounts Vs Fixed Deposits

Savings bank accounts generally offer a modest interest rate while fixed deposits offer an attractive interest rate until a specified time period.

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SBI's Interest Rates: Savings Bank Accounts Vs Fixed Deposits

SBI has raised interest rates on fixed deposits from as low as 15 basis points to 75 basis points.


State Bank of India (SBI), the largest lender in the country, has recently revised its key interest rates. SBI recently hiked its fixed deposit and recurring deposit as well as the MCLR or the marginal cost-based lending rates, below which it cannot lend. SBI has now raised interest rates on its fixed deposits from as low as 15 basis points to 75 basis points, depending on the time period and amount of deposits. However, the savings bank account interest rates of SBI have not been changed. Savings bank accounts generally offer a modest interest rate while fixed deposits offer an attractive interest rate until a specified time period.

(Also Read: Latest SBI Interest Rates On Recurring Deposits, Fixed Deposits | 'Financial planning crucial to secure financial future')

Given below is a comparison of interest rates of SBI on savings bank accounts and fixed deposits:

SBI interest rates on savings bank accounts:

Revision of Interest Rates on Savings Bank Deposits With effect from 31st July 2017:
 
Sr No.ParticularsRate of Interest
1Saving Deposits Balance upto Rs. 1 crore.3.50% p.a
2Saving Deposits Balance above Rs. 1 crore.4.00% p.a


SBI interest rates on fixed deposits:

1. Revision in Interest Rates On Retail Domestic Term Deposits (Below Rupees One Crore) w.e.f. 28.02.2018

(All figures in % per annum)
 
TenorsExisting for Public w.e.f. 01.11.2017Revised For Public w.e.f. 28.02.2018Existing for Senior Citizens w.e.f. 01.11.2017Revised for Senior Citizens w.e.f. 28.02.2018
7 days to 45 days
5.25
5.75
5.75
6.25
46 days to 179 days
6.25
6.25
6.75
6.75
180 days to 210 days
6.25
6.35
6.75
6.85
211 days to less than 1 year
6.25
6.4
6.75
6.9
1 year
6.25
6.4
6.75
6.9
Above 1 year to 455 days
6.25
6.4
6.75
6.9
456 days to less than 2 years
6.25
6.4
6.75
6.9
2 years to less than 3 years
6
6.5
6.5
7
3 years to less than 5 years
6
6.5
6.5
7
5 years and up to 10 years
6
6.5
6.5
7

2. Revision in Interest Rates on Domestic Bulk Term Deposits (Rs.1 Crore To Rs. 10 Crores) w.e.f. 28.02.2018

(All figures in % per annum)
 
TenorsExisting w.e.f. 30.01.2018Revised w.e.f 28.02.2018Existing for Senior Citizen w.e.f 30.01.2018Revised for Senior Citizen w.e.f. 28.02.2018
7 days to 45 days
5.25
5.75
5.75
6.25
46 days to 179 days
6.25
6.7
6.75
7.2
180 days to 210 days
6.25
6.7
6.75
7.2
211 days to less than 1 year
6.25
6.75
6.75
7.25
1 year to 455 days
6.25
6.75
6.75
7.25
456 days to less than 2 years
6.25
6.75
6.75
7.25
2 years to less than 3 years
6
6.75
6.5
7.25
3 years to less than 5 years
6
6.65
6.5
7.15
5 years and up to 10 years
6
6.25
6.5
6.75


3. Revision In Interest Rates On Domestic Bulk Term Deposites (above Rs. 10 Crores) w.e.f. 28.02.2018

(All figures in % per annum)
 
TenorsExisting w.e.f. 30.01.2018Revised w.e.f 28.02.2018Existing for Senior Citizen w.e.f 30.01.2018Revised for Senior Citizen w.e.f. 28.02.2018
7 days to 45 days
5.25
5.75
5.75
6.25
46 days to 179 days
6.25
6.7
6.75
7.2
180 days to 210 days
6.25
6.7
6.75
7.2
211 days to less than 1 year
6.25
6.75
6.75
7.25
1 year to 455 days
6.25
6.75
6.75
7.25
456 days to less than 2 years
6.25
6.75
6.75
7.25
2 years to less than 3 years
6
6.75
6.5
7.25
3 years to less than 5 years
6
6.65
6.5
7.15
5 years and up to 10 years
6
6.25
6.5
6.75


SBI raised the key one-year MCLR or benchmark rate to 8.15 per cent from 7.95 per cent. This is the first time SBI raised the one-year MCLR since the inception of a new lending rate system in April 2016.


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